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Green Giraffe was mandated as exclusive financial advisor to help Gemini and the sponsors assess refinancing options
Gemini is a 600 MW offshore wind farm located south eastern North Sea close to the German-Dutch border. It is supported by a strong shareholders group: Northland Power (60%), Siemens (20%), Van Oord (10%) and HVC (10%).
Starting in 2011, Green Giraffe advised Gemini in raising a EUR 2.8 bn of funding through long term non-recourse financing senior debt, subordinated debt and equity. The transaction successfully closed on 14 May 2014.
All 150 turbines have been operating since October 2016 and on 28 April 2017, Gemini achieved project completion, ahead of schedule and within budget.
In addition, and simultaneously to achieving project completion, Gemini also reached a second key milestone as it restructured its EUR 2 bn senior debt and in particular significantly improved pricing and repayment conditions. Green Giraffe acted as exclusive financial advisor to support Gemini and the sponsors assess refinancing options as well as execute the restructuring, which closed in April 2017 at the same time as formal completion.